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There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.

Thursday, 15 March 2012

Greg Smith resigns as executive director of Goldman's European equity derivatives business after devastating attack

Wall Street bank Goldman Sachs has suffered a severe blow to its reputation after one of its bankers announced his resignation in the New York Times by declaring his employer "morally bankrupt".

Questions were immediately raised about the relationship between the firm and its clients – whom the departing employee, Greg Smith, said were described as "muppets" by his superiors.

Smith, who was based in London, made a savage attack on the culture of Goldman, which only two years ago was damaged by another London-based banker, Fabrice Tourre, who described creating "Frankenstein" products that showed scant regard for the needs of the firm's clients

Read about this revealing news about the investment banking bulwark: GoldmanSachs